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MCX Market News and Trend

 

Market Outlook

Gold prices were higher in early dealings on Tuesday, rebounding from its biggest one-day percentage drop in more than two months as investors awaited fresh signals about the likely trajectory of monetary policy in the U.S. in the months ahead. Crude prices were a bit higher on Tuesday, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to gauge the strength of demand in the world’s largest energy consumer. The copper price is being buoyed by expectations of possible supply disruptions. Lead and zinc remained little changed as both metals remain directionless. Aluminium led the downward trend as the market remains underwhelmed.

Fundamental News

The yellow metal fell 1.6% on Monday in its biggest one-day percentage drop since Sept. 11, as the dollar gained amid German political turmoil that left Chancellor Angela Merkel’s prospects of serving a fourth term in doubt.

 

Oil futures added to losses sustained last week as traders opted against initiating bullish bets on oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) on Nov. 30.

Gold showed sideways to bearish movement and found the major support level of 29250. Now if price sustains on a lower level then it will test next support level of 29120. On another side, 29450 will be major resistance level.

Silver showed sideways to bearish movement and found the major support level of 39150. Now if price sustains on a lower level then it will test next support level of 38900. On another side, 39550 will be major resistance level.

Crude Oil showed sideways to bearish movement and found the major support level of 3640. Now if price sustains on a lower level then it will test next support level of 3605. On another side 3720 will be major resistance level.

Copper showed sideways to bullish movement and found the major resistance level of 449. Now if price sustains on a higher level then it will test next resistance level of 453. On another side, 441 will be a major support level.

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